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- Title
Productivity growth and inflation in Europe: Evidence from panel cointegration tests.
- Authors
Christopoulos, Dimitris K.; Tsionas, Efthymios G.
- Abstract
In this paper we investigate the productivity growth - inflation nexus in fifteen European countries over the period 1961-1999 using panel unit root and panel cointegration tests. Emphasis is placed on the distinction between long-run and short-run causality using recently developed tests appropriate for heterogeneous panel. The empirical results are relevant for the role of the EMU and the Treaty of Maastricht in catching up, real convergence, and the future growth prospects of Europe. The policy implications of the findings are discussed in detail.
- Subjects
EUROPEAN Union countries; LABOR productivity; PRICE inflation; COINTEGRATION; ECONOMETRICS; MONETARY unions; ECONOMIC convergence
- Publication
Empirical Economics, 2005, Vol 30, Issue 1, p137
- ISSN
0377-7332
- Publication type
Article
- DOI
10.1007/s00181-004-0227-3